IXHL Incannex Healthcare Inc. - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Sep 25, 2026
$3.21
· of 52w range
· above low
· to high
$0.2652w low
$6.4652w high
Market Cap (MRQ)
$40M
P/E
-1.9
EPS
$-1.66
Revenue
$0
your badges
52W Range
$0–$6
Analyst Rating
BUY
Price Target
$18
P/E
-1.9
ROE
-27.4%
Net Profit Margin
·
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IXHL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.21
Market Cap (MRQ)
$40M
P/E
-1.9
EPS
$-1.66
Revenue
$0
ROE
-27.4%
52W Range
$0–$6
IXHL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Feb. 27, 2026 | 1-for-30 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$02024-06-30 → 2026-06-30
EPS$-1.662023-06-30 → 2026-06-30
Free Cash Flow$-13M2024-06-30 → 2026-06-30
Net margin·2024-06-30 → 2025-06-30
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | IXHL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.95Y avg ≈-1.7 | ≈-1.7 | · | · | |
| P/B (MRQ) | 0.65Y avg ≈2.7 | ≈2.7 | · | · | |
| Price / FCF (TTM) | -3.1 | · | · | · | |
| Price / Cash Flow (TTM) | -3.15Y avg ≈-3.3 | ≈-3.3 | · | · | |
| Price / Tangible Book | 0.65Y avg ≈2.7 | ≈2.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | IXHL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -41.3%5Y avg ≈-127.3% | ≈-127.3% | · | · | |
| ROE | -27.4%5Y avg ≈-267.8% | ≈-267.8% | · | · | |
| ROIC | -34.2% | · | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | IXHL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 48.85Y avg ≈18.2 | ≈18.2 | · | · | |
| Quick Ratio | 45.45Y avg ≈16.2 | ≈16.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | IXHL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 616.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | IXHL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | · | · | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1082.7%
Next Report
Nov 12, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Sept. 30, 2026 | Nov 12, 2026 | $-11.23 | $-0.50 | -2160.3% |
| June 30, 2026 | $-0.20 | $-0.76 | 74.1% | |
| March 31, 2026 | May 15, 2026 | $-0.49 | $-0.94 | 48.1% |
| Dec. 31, 2025 | $-22.83 | $-0.94 | -2316.1% | |
| Sept. 30, 2025 | $-22.95 | $-0.94 | -2328.8% | |
| June 30, 2025 | $-15.30 | $-89.29 | 82.9% | |
| March 31, 2025 | $-238.98 | $-22.16 | -978.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Revenue | $0 | $86.0K | $12.0K | |
| R&D Expense | $5M | $11M | $13M | |
| SG&A Expense | $18M | $13M | $17M | |
| Operating Expenses | $23M | $24M | $30M | |
| Operating Income | $-23M | $-24M | $-30M | |
| Interest Income | $21.0K | $62.0K | $206.0K | |
| Other Non-op | $4M | $-23M | $12M | |
| Pretax Income | $-19M | $-47M | $-18M | |
| Income Tax | $0 | $0 | $30.0K | |
| Net Income | $-19M | $-47M | $-18M | |
| EPS (Basic) | $-1.66 | $-40.82 | $-1.15 | |
| EPS (Diluted) | $-1.66 | $-40.82 | $-1.15 | |
| Shares (Basic) | 11,658,374 | 1,148,476 | 16,164,338 | |
| Shares (Diluted) | 11,658,374 | 1,148,476 | 16,164,338 | |
| EBITDA | $-23M | $-24M | $-30M |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Cash & Equivalents | $68M | $15M | $6M | |
| Prepaid Expense | $537.0K | $791.0K | $507.0K | |
| Current Assets | $73M | $20M | $16M | |
| PP&E (Net) | $4.0K | $227.0K | $472.0K | |
| PP&E (Gross) | $648.0K | $495.0K | $598.0K | |
| Accum. Depreciation | $643.0K | $268.0K | $126.0K | |
| Total Assets | $73M | $20M | $17M | |
| Accounts Payable | · | · | $5M | |
| Accrued Liabilities | $242.0K | $661.0K | $5M | |
| Current Liabilities | $1M | $7M | $6M | |
| Capital Leases | $34.0K | $74.0K | $210.0K | |
| Total Liabilities | $6M | $7M | $6M | |
| Common Stock | $38.0K | $20.0K | $2.0K | |
| Paid-in Capital | $248M | $174M | $125M | |
| Retained Earnings | $-177M | $-158M | $-111M | |
| AOCI | $-4M | $-3M | $-3M | |
| Stockholders' Equity | $67M | $13M | $11M | |
| Liabilities + Equity | $73M | $20M | $17M | |
| Shares Outstanding | 12,544,298 | 6,479,333 | 588,094 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| D&A | $240.0K | $246.0K | $103.0K | |
| Stock-based Comp | $8M | $3M | $9M | |
| Operating Cash Flow | $-13M | $-13M | $-16M | |
| CapEx | $10.0K | $8.0K | $277.0K | |
| Investing Cash Flow | $-94.0K | $-8.0K | $-277.0K | |
| Stock Issued | $79M | $48M | · | |
| Stock Repurchased | $9M | $0 | · | |
| Net Stock Activity | $69M | $48M | · | |
| Financing Cash Flow | $66M | $21M | · | |
| Free Cash Flow | $-13M | $-13M | $-16M |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Operating Margin | · | -27661.6% | -250341.7% | |
| Net Margin | · | -54517.4% | -153825.0% | |
| Pretax Margin | · | -54517.4% | -153575.0% | |
| EBITDA Margin | · | -27661.6% | -250341.7% | |
| ROA | -41.3% | -250.1% | -90.4% | |
| ROE | -27.4% | -653.3% | -122.7% | |
| ROIC | -34.2% | · | -268.2% |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Current Ratio | 48.8 | 2.9 | 2.9 | |
| Quick Ratio | 45.4 | 2.2 | 1.0 |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Book Value / Share | $5.37 | $0.07 | $0.71 | |
| Revenue / Share | $0.00 | $0.00 | $0.00 | |
| Cash Flow / Share | $-1.10 | $-0.36 | $-0.98 | |
| Cash / Share | $5.40 | $0.08 | $0.37 | |
| EPS (TTM) | $-1.66 | $-1.35 | $-1.15 |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Revenue YoY | · | 616.7% | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 |
|---|---|---|---|---|
| Revenue TTM | $0 | $86.0K | $12.0K | |
| Net Income TTM | $-19M | $-47M | $-18M | |
| Market Cap | $47M | $42M | $47M | |
| P/E | -2.3 | -0.2 | -2.6 | |
| P/S | · | 488.2 | 3888.9 | |
| P/B | 0.7 | 3.1 | 4.2 | |
| P / Tangible Book | 0.7 | 3.1 | 4.2 | |
| P / Cash Flow | -3.7 | -3.4 | -2.9 | |
| P / FCF | · | -3.4 | -2.9 | |
| Earnings Yield | -44.1% | -625.0% | -39.1% |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | $0 | · | $12.0K | $74.0K | |
| R&D Expense | $1M | $321.0K | $2M | $1M | $4M | $3M | $1M | $3M | |
| SG&A Expense | $4M | $4M | $5M | $6M | $4M | $2M | $4M | $3M | |
| Operating Expenses | $5M | $4M | $7M | $7M | $8M | $5M | $5M | $6M | |
| Operating Income | $-5M | $-4M | $-7M | $-7M | $-8M | $-5M | $-5M | $-6M | |
| Interest Income | · | · | · | · | $2.0K | $4.0K | $28.0K | $28.0K | |
| Other Non-op | $3M | $165.0K | $474.0K | $387.0K | $-24M | $1M | $-890.0K | $834.0K | |
| Pretax Income | $-2M | $-4M | $-7M | $-6M | $-32M | $-4M | $-6M | $-5M | |
| Net Income | $-2M | $-4M | $-7M | $-6M | $-32M | $-4M | $-6M | $-5M | |
| EPS (Basic) | $-1.27 | $-0.35 | $-0.02 | $-0.02 | $-34.01 | $-6.19 | $-0.33 | $-0.29 | |
| EPS (Diluted) | $-1.27 | $-0.35 | $-0.02 | $-0.02 | $-34.01 | $-6.19 | $-0.33 | $-0.29 | |
| Shares (Basic) | · | 12,348,460 | 349,464,317 | 310,309,659 | · | 654,418 | 17,624,422 | 17,642,832 | |
| Shares (Diluted) | · | 12,348,460 | 349,464,317 | 310,309,659 | · | 654,418 | 17,624,422 | 17,642,832 | |
| EBITDA | · | $-4M | $-7M | $-7M | · | $-5M | $-5M | $-6M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $68M | $74M | $69M | $73M | $15M | $7M | $2M | $4M | |
| Prepaid Expense | $537.0K | $405.0K | $431.0K | $486.0K | $791.0K | $416.0K | $417.0K | $489.0K | |
| Current Assets | $73M | $80M | $75M | $78M | $20M | $16M | $11M | $15M | |
| PP&E (Net) | $4.0K | $47.0K | $108.0K | $168.0K | $227.0K | $277.0K | $273.0K | $428.0K | |
| PP&E (Gross) | $648.0K | $572.0K | $506.0K | $503.0K | $495.0K | $597.0K | $560.0K | $625.0K | |
| Accum. Depreciation | $643.0K | $525.0K | $398.0K | $335.0K | $268.0K | $320.0K | $287.0K | $197.0K | |
| Total Assets | $73M | $80M | $75M | $79M | $20M | $16M | $11M | $16M | |
| Accrued Liabilities | $242.0K | $202.0K | $133.0K | $154.0K | $661.0K | $4M | $3M | $7M | |
| Short-term Debt | · | · | · | · | · | $1M | $1M | · | |
| Current Liabilities | $1M | $2M | $2M | $2M | $7M | $7M | $6M | $9M | |
| Capital Leases | $34.0K | $42.0K | $53.0K | $64.0K | $74.0K | $104.0K | $152.0K | $221.0K | |
| Total Liabilities | $6M | $5M | $2M | $2M | $7M | $9M | $10M | $9M | |
| Long-term Debt | · | · | · | · | · | · | $2M | · | |
| Total Debt | · | · | · | · | · | $1M | $4M | · | |
| Common Stock | $38.0K | $41.0K | $36.0K | $35.0K | $20.0K | $2.0K | $2.0K | $2.0K | |
| Paid-in Capital | $248M | $253M | $247M | $244M | $174M | $137M | $126M | $126M | |
| Retained Earnings | $-177M | $-174M | $-170M | $-164M | $-158M | $-126M | $-122M | $-116M | |
| AOCI | $-4M | $-4M | $-3M | $-3M | $-3M | $-3M | $-3M | $-3M | |
| Stockholders' Equity | $67M | $75M | $73M | $77M | $13M | $7M | $965.0K | $7M | |
| Liabilities + Equity | $73M | $80M | $75M | $79M | $20M | $16M | $11M | $16M | |
| Shares Outstanding | 12,544,298 | 13,683,121 | 359,218,871 | 347,705,507 | 6,479,333 | 17,785,235 | 17,785,235 | 17,642,832 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $50.0K | $65.0K | $59.0K | $66.0K | $61.0K | $-5.0K | $126.0K | $64.0K | |
| Stock-based Comp | $1M | $1M | $2M | $3M | $1M | $417.0K | $435.0K | $459.0K | |
| Operating Cash Flow | $3M | $-2M | $-5M | $-9M | $-1M | $-3M | $-6M | $-2M | |
| CapEx | $-1.0K | $5.0K | $4.0K | $2.0K | $0 | $0 | · | · | |
| Investing Cash Flow | $-30.0K | $-18.0K | $-4.0K | $-42.0K | $0 | $0 | · | · | |
| Stock Issued | $50.0K | $7M | $2M | $69M | $36M | · | · | · | |
| Stock Repurchased | $7M | $1M | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | $69M | · | · | · | · | |
| Financing Cash Flow | $-7M | $5M | $927.0K | $67M | $10M | $8M | $4M | · | |
| Net Change in Cash | · | · | · | · | · | · | · | $-2M | |
| Free Cash Flow | · | · | · | $-9M | · | · | · | · |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | -41700.0% | -8451.3% | |
| Net Margin | · | · | · | · | · | · | -49116.7% | -7324.3% | |
| Pretax Margin | · | · | · | · | · | · | -49116.7% | -7324.3% | |
| EBITDA Margin | · | · | · | · | · | · | -41700.0% | -8451.3% | |
| ROA | · | -8.1% | -15.2% | -13.5% | · | -23.7% | -35.2% | -67.5% | |
| ROE | · | -9.4% | -17.5% | -15.3% | · | -36.8% | -59.4% | -164.4% |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 41.6 | 48.3 | 47.5 | · | 2.1 | 1.8 | 1.6 | |
| Quick Ratio | · | 38.6 | 44.5 | 44.5 | · | 0.9 | 0.4 | 0.4 | |
| Debt / Equity | · | · | · | · | · | 0.2 | 3.9 | · | |
| LT Debt / Equity | · | · | · | · | · | · | 2.5 | · |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | · | 0.0 | 0.0 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $5.50 | $0.20 | $0.22 | · | $0.42 | $0.05 | $0.37 | |
| Revenue / Share | · | · | · | · | · | · | $0.00 | $0.00 | |
| Cash Flow / Share | · | · | · | $-0.03 | · | · | · | $-0.12 | |
| Cash / Share | · | $5.44 | $0.19 | $0.21 | · | $0.38 | $0.12 | $0.21 | |
| EPS (TTM) | · | $-34.40 | $-40.24 | $-40.55 | · | $-7.17 | $-1.36 | $-1.36 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | · | $-48M | $-48M | $-48M | · | $-22M | $-24M | $-23M | |
| Market Cap | · | $41M | $129M | $161M | · | $12M | $38M | $35M | |
| Enterprise Value | · | · | · | · | · | $7M | $39M | · | |
| P/E | · | -0.1 | -0.0 | -0.0 | · | -0.1 | -1.6 | -1.5 | |
| P/B | · | 0.5 | 1.8 | 2.1 | · | 1.6 | 39.1 | 5.3 | |
| P / Tangible Book | · | 0.5 | 1.8 | 2.1 | · | 1.6 | 39.1 | 5.3 | |
| P / Cash Flow | · | · | · | -17.6 | · | · | · | -16.0 | |
| Earnings Yield | · | -1146.7% | -11240.2% | -8739.2% | · | -1059.1% | -64.1% | -68.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Revenue | $0 | $86.0K | $12.0K | · |
| Operating Margin % | · | -27661.6% | -250341.7% | · |
| Net Income | $-19M | $-47M | $-18M | $-49M |
| Diluted EPS | $-1.66 | $-40.82 | $-1.15 | $-3.32 |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Current Ratio | 48.8 | 2.9 | 2.9 | · |
| Quick Ratio | 45.4 | 2.2 | 1.0 | · |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|---|
| Free Cash Flow | $-13M | $-13M | $-16M | · |
Institutional owners (13F) 1 filer · $22 total · As of June 30, 2025
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
1
Value held
$22
New positions
0
Exited positions
26
Institutional activity — Q1 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 | 26 | 0 | 1 | · |
Compared to Q4 2025. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Iron Horse Wealth Management, LLC | $22 | 100 | 100.00% | Shares |
Company insiders 7 insiders · 3 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joel Latham | CEO and President | Nov. 14, 2025 A | 24,186,177 | 0 | 0 | $0 |
| Joseph Swan | CFO, Treasurer and Secretary | Nov. 14, 2025 A | 921,358 | 0 | 0 | $0 |
| Luigi M. Barbato | Chief Medical Officer | Oct. 23, 2024 A | 100,476 | 0 | 0 | $0 |
| Troy Valentine | Director | Nov. 14, 2025 A | 12,001,858 | 0 | 0 | $0 |
| Robert Clark | Director | Nov. 14, 2025 A | 1,786,956 | 0 | 0 | $0 |
| Peter Widdows | Director | Nov. 14, 2025 A | 1,957,803 | 0 | 0 | $0 |
| George Anastassov | Director | Nov. 14, 2025 A | 2,456,677 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
IXHL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 7 analysts
BUY
Median target
$17.72
+451.9%
2 28.6%
Strong Buy
4 57.1%
Buy
1 14.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
1 analysts · 2026-09-30Mean target $17.72 +451.9%
Low$17.72
Mean$17.72
High$17.72
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Source: SEC 10-K filed Sep 25, 2026